How easy is it to start a business in Singapore?There are several direct and indirect government supports for starting business in Singapore. But I must mention here that only few countries can offer these benefits or advantages. Many other countries cannot offer these or can offer only few because of several limitation and complexities.

International Enterprise (IE Singapore) – this government body helps foreign firms and investors. Before you invest in Singapore, it will be wise to go there and talk to the authority for their comments and suggestions.

Economic Development Board – this government body not only makes policies for economic development but also supports business and workforce development.

Standard, Productivity and Innovation Board – this government body’s job is to take care of SME finance and management. They also try to help by giving access to sale.

Singapore Economic Development Board takes care of partnership between local entrepreneurs and foreign investors and/or international entrepreneurs.

Global Investor Programme (GIP) has been introduced for entrepreneurs, international investors and business executives so that they can easily establish and carry out businesses.

The government has introduced “visas for entrepreneurs” for foreign investors and business parties interested to invest in Singapore. “Multiple journey visas for entrepreneurs” has also been introduced so that they entrepreneurs can make frequent trips.

The government issues “Entry Pass” so that interested entrepreneurs can easily come and reside here.

Companies in Singapore operate under strict laws. So, it becomes easier to operate and open bank account in other countries because of this goodwill and/or image.

Singapore is not a tax haven but offshore companies still get considerable tax benefits. If you have branches in other countries, you can easily transfer the money into Singapore and still get tax benefits.

The country not only ensures the highest quality infrastructures and technologies but also full support for intellectual property rights.

It is easy and quick to open an offshore company here in Singapore.

Since English is the main official language, you will find it easier to read and write documents in English as well as follow all the official steps.

World Bank has rated Singapore as top in the world for easy of doing business.

There are no dividend or capital gains taxes.

There is no estate/death/inheritance tax.

Personal tax rates range from 0% to 20%. One has to pay tax if one is earning more than $320K.

Singapore has flexible immigration policies. This means - if a person is going to relocate her business in Singapore or trying to hire a foreign professional, the government will issue a "work visa" that suits the specific need of the employer or employee. The government wants talented and highly professional people to live and permanently settle in Singapore. So, it has relaxed its immigration policies so that these professionals can easily get permanent residence (PR) status.

Foreign invested do not need to enter into joint venture or partially or fully transfer management control to local partners. Local and foreign companies operate under the same basic government law.

Local labor laws are flexible and allow relatively free hiring and firing practices. Either party can give required notice and then terminate employment contract. Though the country limits the number of unskilled and semi-skilled labors to keep adequate opportunities for local workers, this should not be a problem for the investors. It is interesting to note that there is no minimum wage law. This is a free economy and the government wants market forces to determine the wage.

Foreign companies can access credit on market terms. These companies do not only get access to credit but also to US dollars, Singapore dollars and other foreign currencies on the local market.

“Singaporeans are not inherently more honest than our neighbors because we come from the same roots. However, our strict rules against corruption and strong enforcement keep everyone honest – and will also keep our immigrants honest.” – Law Minister K Shanmugam Attractive business opportunities in SingaporeThe international and local investors have several very good investment or business opportunities in Singapore. It is high time we explore these opportunities. Travel and tourismEverywhere in Singaporean streets, cafes, shopping malls, tourist spots and hotels, you will easily find tourists that came from many different destinations. This is one of the most beautiful tourist places in the world. Wherever you go, it is a clean, shining and beautiful experience. No wonder, tourism is one of the most sections as many people are traveling every now and then. Do you have a quality service to offer? If yes, Singapore is for you! Another good point is – the demand for travel industry related services are ever increasing. Global population is increasing at a fast rate. It is a simple math more people will be traveling to Singapore in the coming days. Food & beverages“Nobody in Singapore drinks Singapore Slings. It's one of the first things you find out there. What you do in Singapore is eat. It's a really food-crazy culture, where all of this great food is available in a kind of hawker-stand environment.” – Anthony Bourdain What will you be offering? Chinese food? Thai food? Indian spicy food? Italian Pasta Special Dishes? Only ice-cream? Any other beverage? There is no lack of customers. The food and beverage businesses are always thriving because the population is multi-cultural and has many people from around the world. So many people have so many different tastes and preferences that you can easily find continental, Indian, Chinese and other restaurants are doing business and making money in Singapore. International franchises like KFC, McDonald’s or Pizza Hut are also doing well. “The biggest empty space, the biggest gap in what should be a premier and always vibrant food scene in America is that we don't have hawker centers like they do in Singapore, basically food courts where mom and pop specialists can set up shop in fairly hygienic little stalls all up to health code making one dish they've been doing forever and ever.” – Anthony Bourdain Singaporeans are busy. They are may be busier than you can guess. To save time, they will quickly reach to a fast food franchise and grab some fast foods and snacks. As busy lifestyle is a part of Singaporean culture, a good amount of fast food and snacks are easily sold every day. You do not need any formal academic education for starting this business and you can easily start such a business. Hospitality sectorI already said many people are coming from many different directions. Typically, they are coming with different budgets. Thus, they are naturally creating demands for products and services of different price ranges. Which one is your preferred sector – cafes, bars, fast food outlets or bakeries? Tourists in Singapore have demand for low price to high price restaurants and hotels. You can earn money by setting up not only luxurious hotels but also cheap but decent hotels, inns and guesthouses. The government is very supportive for those investors in tourism sectors so that they can easily get licenses and permits required to start a business in this sector. Retail fashion storesLife in Singapore is so colorful that you will not see only one fashion trend. In fact, multi-cultural people maintain multi-fashion trends at any given time. Money is not a problem. Spending money for fashion is not a problem too. They are typically interested in new fashion trends and many will give a try to these latest fashion trends. The country has tropical weather. So, the weather is hot most of the time of a year. So, lightweight clothes and other garments have regular demands around the year. Lightweight leathers, print motifs and animal prints have demands in all seasons. There is demand for stylish cotton clothes too. You can make money by investing in boutique shops, garments and clothing stores, jewelry, bag and shoe stores. You can also make money from selling handmade jewelry. You can make them at home and again supply from home too. When you get more orders, you can invest more and go for higher production. Beauty salons and spas"Save on one hairdo and use the money for breast screening." – Lim Hng Kiang I definitely want to use the word “passion” to express the Singaporean people’s love and attraction for services like beauty therapies, beauty salons and spas. Local people and tourists regularly use hair and skin saloons. You will even find the international hottest spa chains such as Spa Espirit. When will you be starting your own salon or spa? ElectronicsThis sector covers almost 50% of industrial output. So, you may get many things ready to start here. If you have a little capital, you can start with few products. When you can manage to invest more money, you can start or upgrade to a bigger industry. Telecom industryFortunately, Singapore has advanced so much in telecom industry that many Asian countries have no option to buy advanced services from the telecom companies here. You can even find advanced technology such as satellite service providers here. Several small telecom operators, telecom equipment manufacturers and telecom software providers are doing good business here. Do not worry. There are still more spaces for small, medium and large entrepreneurs in this sector. AgricultureWhen farmers from India and many other places are still using cows and buffaloes, Singapore is heavily using agro-technology. You need comparatively less space for producing crops using agro-technology and Singapore has limited arable land as you surely know this by now. If you can grow food and other agricultural products in low cost, there is a high chance that you will make a good amount of profit. But the question is – do you know any way that may help to grow crops in low cost? Let me show you the opportunities – (a) the country cannot meet the demand from its own production (b) demand for food and other agricultural products are growing every day (c) population is increasing and (d) there are only few players in the field. Is there anything else you need to get started? Organic productsWhen people have enough money in their pockets, they want to live long in better conditions. Organic products were developed based on this idea. Singaporean people are ready to share some of their money if you have organic products such as health care items, foods, gift packs and other things. They will not stop at only buying for personal use. They will order more for other people they care about. Eco-friendly productsThis one is a bit different because you need two core things – online marketing skill and an online store. Go to your website add your eco-friendly products such as light bulbs and recycled items. Thenyou’re your online marketing skills to spread the words. Bingo! Sales should start by now. Do not forget there is regular and good amount of demand for such products. Biotechnology“The U.S. has the finest research scientists in the world, but we are falling far behind other countries, like South Korea and Singapore, that are moving forward with embryonic stem cell research.” – Louise Slaughter Please slow down and note very carefully – this opportunity is for those who have solid background and high skills in this sector and huge investment. The Singaporean government is desperate. It will not miss any chance. So, it has spent hundreds of millions dollars on infrastructure, research, development and recruiting top international scientists. Are the international leaders like GlaxoSmithKline (GSK) and Pfizer not enough to convince you? Environmental technologyThere is a good opportunity to tap into the rapidly growing environment technology market in Singapore and the Asia Pacific region. Information technologyI guess the smart IT people have the most option so choose from. If you are a non-technical person, you may be a bit jealous to see all the options they have such as software development firms, IT consultancy services, IT infrastructure providers, wireless network providers, internet access providers, online marketing, website development, social networking and web-based software development. Do you need a global IT company to offer your services? This is not a problem at all. Many global IT corporations have set up their offices here because the available infrastructures are very good and skilled workforce is available at reasonable rates. If you are the right person, getting an opportunity at the right company will be just a matter of time. Online marketing and other online servicesAlmost 100% Singaporean people have access to Internet now. Why did I say that? I am going to show you the natural opportunity that originated out of this – many businesses are trying to market their products and services via online channels. Besides online marketers, copywriters, website designers and search engine optimization experts can also make a fortune. eBook sellingBeing the people of educated society and having easy access to the Internet have created a demand for eBooks. The demands for eBooks are growing in this niche. But the important issue is – whether you are ready to take the opportunity. You need only a few things to take the opportunity - a good site, online marketing skills and distribution capabilities. Freelance writingThere is a common saying found everywhere online and that is "Content is king". Many people are searching for quality content every day. So, businesses are creating quality contents to meet the demand of potential customers. Content marketing is a new way of marketing products and services. So, even if you are a content creator individual or have a company, you have opportunities to serve many companies in Singapore. Financial servicesBeing good at accounting, auditing, bookkeeping and other related financial services, you get access to job in local and international companies. Trust me, making money in these companies is easy but you need to be an expert. TransportStarting a taxi service is not a bad idea when you may have small or limited investment. Are you not interested in small taxi service business? Okay! Do you have a large amount of investment? Well. Go for inter-city or inter-state transport service. Automobiles and spare partsIn the dazzling city state, there are so many cars crossing that it will even be hard to guess the total number of cars. Naturally, a high demand for cars and spare parts for cars is always there to keep the cars moving on. If you have a limited budget, you can sell spare parts. If you have bigger and healthy investment, you can sell cars and other automobiles. Repair services Fixing an item is a lot less expensive than buying a new one. Since the Singaporeans have strong buying power, they have many appliances and furniture in their houses and offices. When any of these will be damaged or go out of order, they may contact to a professional person or company for repair services.﻿Education﻿

In the past, several entrepreneurs created service to meet the gap between the demands of tuition wanted and tuition offers. How far does the opportunity in this sector spread? It spreads from regular pre-school to college education. The good news is – education sector is booming. Singaporeans and staff of foreign employees and business owners are always looking for quality educational institutes for their children. Do not forget the regular high demand for courses and certification programs. If you are a skill development trainer, you have opportunities in many areas such as certification in aviation, hospitality, business administration, information technology, interior design, fashion design, degrees in science and research oriented courses. Fitness training and products People are busy but still anxious about their health and fitness. If you are a fitness trainer, it should not be a tough job to find some interested people for your business. If you are a fitness product seller, you have opportunities too because there is good demand for these products. Elderly care servicesAs a good move, a Singaporean law has made it mandatory that children are bound to take care of their parents. Otherwise they will be arrested for neglecting their parents. Who does want to be arrested for neglecting her parents and make television and newspaper headlines? Since working people are very busy and can afford little time for their parents, they often hire someone who can prepare meals, do housekeeping and other services to take care of their elderly parents. Cleaning servicesHouse and office owners need this service to clean their premises, indoor spaces, gardens and even roofs. Singapore is a very neat and clean country and there are many houses and buildings that regularly need professional cleaning services. LaundryThe people of Singapore are very productive and live high standard lives. So, they do not have spare or enough time to clean their cloths. They prefer to pay for laundry services. You can start such a service with a washing machine, some pressing irons, dryers and other equipments. You need a small investment for this. Other industriesThere are many other sectors in Singapore where you can invest and make a fortune. Few such other sectors are real estate, technical services, electronic goods, wholesale, manufacturing and special goods for ethnic groups in ethnic markets. You may buy a ready business and start quickly If you go to Google.com and search for “Singapore business opportunities”, you will find several sites where other people are trying to sell their ready businesses. If you want, you can buy such a ready business and then start quickly. This is the closing paragraph of this article. Before we end soon, we will narrate another success story. Leonard Tan Khang Hwee was born into a poor Chinese family in Singapore. When he was in primary school, he used to buy and sell erasers to earn his pocket money. Then he crossed a long rough road and the journey was not very sweet. But today, he is a Singaporean minister, millionaire and the CEO of the world famous company PurpleClick. Can you guess how old he is? He is only 35.

Powered by Create your own unique website with customizable templates.